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Prudentia recommends that client organisations start with the 'Broad Brush Approach' using a small area to assess – a pilot project. This initial approach is compliant with the AS/NZ ISO 31000 Risk Management Standard and applies a subjective perspective to Risk Management. A similar approach should be adopted by those organisations wanting to introduce Risk Management software for their established Risk Management Programmes. Such approaches will provide the opportunity for the organisation's Risk Management team to become familiar with the approach and make any adjustments prior to making further progress with their Risk Management programme. Organisations are able to benefit from conducting their Risk Assessment (Pilot) plus experience the benefits ‘first hand’ of proactive Risk Management.
Although we find Workshops produce better risk identification and closer teamwork, we encourage organisations to utilise existing documentation too. By utilising a Risk Profiling Repository, the number of workshops required can be dramatically reduced as Risks can be added or changed at any time.
Quantitative Risk Management and other sophisticated Risk Management approaches should only be introduced when an organisation's Risk Management programme has reached a certain level of maturity. Prudentia is well positioned to work with clients who wish to proceed with these techniques.
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